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Broadbeach Mall Hits the Market

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A 1990s mall between some of the biggest developments on the Gold Coast has hit the market in an expressions of interest campaign.

The four titles in the Niecon Portfolio make up the largest contiguous freehold site in Broadbeach at 5,463square metres.

The mixed-use Niecon Plaza features two levels of office and retail space with a large internal glass atrium and internal mall linking Victoria Avenue with Albert Avenue.

There is also the 14-storey Niecon Tower office building and two freestanding dual-level office buildings created by the Nikiforides Group led by Con Nikiforides.

The estimated fully leased portfolio net income is $2.89 million with a 46m frontage to Broadbeach Mall.

The Gold Coast property market is riding an unexpected wave of developments and sales brought on by the pandemic.

However the price expectations for the Niecon Portfolio are unclear with the Circle of Cavill sale achieving $62 million at the peak of the 2020 pandemic.

Another Broadbeach listing for “Main Place” a 3,275sq m site with an approved 50-storey development was listed for about $65 million in 2014, but was taken off the market.

A mid-size aerial image of the Niecon Plaza, office tower and surrounding office sites between skyscrapers in Broadbeach.
▲ The ’90s Niecon Plaza and office towers make up one the largest freehold sites in Broadbeach.

Colliers Gold Coast director-in-charge Steven King said there hasn’t really been anything comparable on the market.

“The Niecon Plaza portfolio represents a unique long-term repositioning and redevelopment opportunity, with national brand, corporate and boutique operators providing a diversified income stream,” King said.

“The Gold Coast has traditionally been one of Australia’s largest tourism markets averaging 12 million visitors to the region annually over the last 3 years, totalling circa $15.5 billion in expenditure over the period.

“Broadbeach is a key lifestyle and commercial destination underpinned by several landmark pedestrian drivers including The Star Casino, The Gold Coast Convention Centre, the Oasis Shopping Centre, Pacific Fair and the Broadbeach Beach and Victoria Mall.”

Nearby on Broadeach Island, The Star Entertainment Group is also making ground on its $2 billion skyscraper development.

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Article originally posted at: https://theurbandeveloper.com/articles/broadbeach-mall-hits-the-market